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>>> don't miss 60 minutes. the life of steve jobs. what a fabulous book. i suggest that you get it for the holidays. bull market somewhere. i'm jim cramer and i will see you tomorrow. >> thank you for coming. we're gonna make some history together today. [cheers and applause] >> when steve jobs handpicked walter isaacson to write his life story, he had already been diagnosed with cancer, but after 40 interviews, the biography provides a vivid picture of a complicated man. >> i think it's a tough book. >> it's a book that's fair. i mean, this is a real human being. >> you will hear tape recordings of jobs himself talking about being adopted, creating apple, and his regret over ignoring what could have been life-saving cancer surgery. >> you're born alone, you're gonna die alone, and what exactly is it that you have to lose? there's nothing. [ticking] it's so much more intimate than a laptop. >> when steve jobs unveiled the ipad, there was no way he could have predicted what it would mean to people with autism. it turns out it may be the perfect device to help unlock the isolation
] >> that's what i'm talking about! >> whoo! >> steve wynn is the man with the midas touch who added glamour to the gambling industry. >> if you're gonna start a gambling joint, start a gambling joint. >> he transformed las vegas into an international tourist spot, but the odds haven't changed. >> the only way to win in a casino... >> is to own one. >> own one. >> unless you're very lucky. [stopwatch ticking] >> internet gaming is illegal in the united states and absolutely thriving. >> yes! >> right now, as you watch this story, 70,000 people are gambling on party poker, and that's just one site. >> there will be more online poker games per day at the end of this year than all of the casinos in the entire world put together. >> welcome to 60 minutes on cnbc. i'm steve kroft. by some estimates, gambling in this country is a nearly $100-billion industry. it attracts everyone from flamboyant businessmen to nefarious conmen. while the odds are heavily stacked against them, for millions of americans, gambling remains enormously popular, even in these hard economic times. in this episode, charlie
are not just going to go over the fiscal cliff? we heard tim geithner on this program yesterday when steve asked him, look f you don't get what you want, do we go over the fiscal cliff? he said absolutely. >> he said he would do it! >> what happens when we wake up january nd, we go over the cliff, and the world doesn't end? >> that is so irresponsible. >> you have to be a long-term investor. long-term stocks have outperformed bonds. >> with all do respect, george, are you one of those come play september investors larry is referring to? >> i'd say we're opposite of that. we never take anything for granted, but we bet accordingac. bonds are trouble. a lot of people are going to lose a lot of money in bonds. you have to be prepared for that. interest rates are going to go up. dividends are going to continue to increase. the economy in this country is strong. it's going to get stronger. >> even at 44% dividend tax? >> it's not going to go that high. >> if we go over the fiscal cliff, it does go that high. it goes to 44%. >> no, no. don't think the worst. >> less than a month, it goes there. >
democratic strategist-- okay. steve, i go to you because i read the white house reaction to this, and really all they talked about was raising the top tax rates. they had no other things to say, no commendations, no i want to work with you. steve, i know this stuff is not going to be perfect. there's going to be stuff in here that conservatives, supply siders myself won't like. but why does the white house have to obsess about higher tax rates to the exclusion of other parts like entitlement reform and spending cuts? why is this? >> larry, i don't think they are obsessed with higher tax rates they are obsessed with protecting the middle class. john boehner's proposal includes $800 billion in revenue but doesn't specific where it comes from. barack obama has been specific in his plan and look both sides have their plans and there's going to be negotiation, will probably end up somewhere in between. i don't understand why we can't raise tax rates on the top 1% of people if we're going to get to a balanced plan. why should the middle class pay more when we have people at the top who can pay mor
for the slide today perhaps a note from ubs analyst steve malonovich cutting the estimates and the price target. let's go to bert that coombs at the breaking news desk. >> thank you, scott. we have an update now on that shooting at the sandy hook elementary school in newtown, connecticut. nbc news is reporting as many as 27 people may be dead from that shooting which broke out this morning shortly after 9:30. that's when police were called. as many as 17 to 18 of the victims are children. 7 to 8 adults including the gunman who authorities described to nbc news as a 20-year-old connecticut man who was dressed in black and was carrying two handguns. connecticut state police are set to begin a briefing at this hour. danbury officials and hospital officials tell nbc news that at least three people have been transported to the hospital. again, to as many as 27 people killed. we will bring you more details as they become available. back to you. >> thank you very much, bertha. we'll keep checking back with you and monitoring the situation. obviously an incredibly tragic situation still unfolding in ne
, not looking at 6.5% threshold but the broader conditions, a big debate, steve liesman's nemesis talks a lot about people being beamed to mars in. your mind what is happening to the job market? are we creating jobs? is that why it's coming down, or is it because people -- the degree of discouraged workers? what's your sense of how quickly it's fallen because of new employment? >> so on the first question the chain cpi versus the fixed weight cpi is a technical issue. the change cpi is better for most economists because it allows for changes in the mix of goods and services that people actually consume more effectively. however, whether that's more appropriate for say social security indexing or not, i think that's ultimately a political decision. i suppose the rejoinder would be that neither the cpi nor the change cpi may be particularly a good measure for the cost of living of social security recipients, so those are the kinds of questions that congress is going to have to deal with. second part of your question was -- >> what actually is happening to the debate over the extent to which une
of steve jobs. we're going to take a very close look on what is next for america's favorite gadgetmaker. >>> speaking of gadgets, rivalry research in motion, offering training programs and promotions for its upcoming blackberry 10. it's targeted corporations. bold move or maybe a desperate one? >>> any move might be welcome down here. democrats want tax hikes on the rich. republicans want entitlement cuts. we've heard this before, haven't we? what do average americans want to see in a fiscal cliff solution. we've got the exclusive results of our exclusive cnbc all-america economic survey. >>> now to everybody's all-american, sue herera standing by at the nyse. >> you're sweet, ty. thanks. >>> we're a little bit on the downside. we really kind of retraced a little bit on the dow jones industrial average. previous to this we were solidly in the green in all three of the major market indices. the dow now down 14 1/2 points. nasdaq up eight. the s&p is down just a fraction. of course we are also watching apple on the back of yesterday's drop. the stock today is traded up $4.82. that's just
that much impact on the labor market. november jobs numbers coming in much stronger than expected. steve leisman who's had a very busy week here to talk about the numbers and put it in context for us. >> hi, sue. no substantive sandy in the jobs numbers. the lack of sandy effect has us scratching our heads, what they said. i just got off the phone with the guy who's the head of doing the numbers, labor numbers at the bls. he walked me through the rather extensibilive process they did fine out if there was any sandy effect, including sampling of businesses in a flood tide areas. >> it was very meticulous. >> i'm pretty convinced they did a good job figuring out if there was an effect and there is no effect which brings us to the numbers which you could believe on face value as much as you can. they'll revise this again. they only come forward with 60% to 70% of the sample. unemployment rate falling 7.7% because largely a drop in the labor force. average hourly earnings up 0.2%. despite positive headlines, xwoeld man sax says we interpret this report as one only slightly better than expect
first. guest host david walker of comeback america initiative and democratic strategist steve mcmahon both here to help us find solutions. >> then, what goldman's jim o'neill is so he seeing to help you prepare for your investments straight ahead. plus, adding opportunities door to door. >> have a good day. >> thank you. >>> domino's pizza ceo patrick doyle is here. the second hour of "squawk box" begins right now. >> good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew is out this week. we've been watching futures this morning and they are indicated slightly higher. dow futures are up about 35 points above fair value, s&p futures and the fass dak futures are higher, as well. in your morning headlines today, the fiscal cliff dominating the sunday talk show circuit. treasury secretary tim geithner expressing on meet the press that republicans will accept the president's plan to raise income taxes. >> what we're trying to do is make it more likely we come together on a good agreement for the american people that extends t
26 days away from the fiscal cliff. steve liesman joins us now live from the treasury. he has an exclusive interview with one of the key negotiators at the white house, secretary of treasury timothy geithner. >> maria, thank you. i'm here with the secretary of treasury at a crucial time. thank you for joining us. >> thank you. >> speaker boehner has put forward a proposal which "usa today" says demonstrates more political courage the democrats have shown. the white house is saying today it's not even wor ty -- worthy of a response. what are we missing? >> i think we are making progress. they acknowledged they were prepapered to do $800 billion in higher taxes on part of the american economy. that's part of the balanced framework. that's definitely progress. what we need to see is have them acknowledge the rates go up. if they're willing to accept that and commit to that, then we think we could do something good for the economy. we can make the government use the taxpayers' money more efficiently, lock in some spending savings and do some long-term entitlement reforms to make s
will speak later to steve leisman about the fiscal cliff talks. we'll have a preview and discuss what traders want to hear. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >>> goldman sachs earlier today cutting its outlook for gold and prices are closing right now. we have about a $2 loss in the gold market. sharon epperson is track being the action down at the nymex. sharon? >> gold prices are finishing the day basically flat here, s
of investing. carlisle's david rubenstein, steve shoresman blackstone, venture capital's marc andreesson, and jamie dimon. look at that -- >> in addition we have jerry webb. make us all -- the rest of us feel -- >> we have one -- >> you're an economist or something? you play on to have -- you can think about the 12-12-12 thing in the meantime because you're good at math. >> yeah. all that stuff. >> all right. >>> as we move closer to the edge of the fiscal cliff, every move is being magnified by the markets. president obama and house speaker john boehner spoke by phone on tuesday, exchanging new proposals. the president gave boehner a revised offer on monday, reducing his demand for new tax revenue from $1.6 trillion to $1.4 trillion over ten years. boehner responded with a plan that largely sticks to his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal. that hasn't been done before. in an exclusive interview with barbara walters of abc news, president obama says he still expects a deal before t
presidential candidate howard dean, steve moore of the "wall street journal" editorial board, author of "return to prosperity." steve, i begin with you. we have from the "wall street journal" editorial page costco's dividend ta dividend as tax epiphany. taxes matter, steve. even though there are a lot of people in this world who think not. >> they matter a whole hell of a lot. it was very predictable these companies would be starting to pay deluges of dividends now. if you pay them now your shareholders only pay 15%. if you wait six weeks they have to pay as high as 40, 42, 45% depending on where that rate ends up. so taxes do matter. it's affecting behavior. let me sayhist my good friend howard dinos this, laimplarry. when he was a governor he cut taxes not raised them to make his state more productive. you should be advising this president not to raise those rates. >> steve i was hoping to get some help from you. you know very well, one of the things we can both agree on the deficit is out of control. >> that's for sure. >> you know as well as i do that the best deal for deficit hawks, leavin
the impact. >> lower bang for your qe buck as steve liesman put it earlier on. >> thanks for joining us. always good to see you, eyore pento. >> putting fire into the conversation. >> thank you. >>> so much for the holiday cheer. with the rate things are going in washington, there will be plenty of holiday jeer between now and the new year. >> the president's called for $1.4 trillion worth of revenue. that cannot pass the house or the senate. >>> well, two former presidential candidates face off after the break. i feel like i'm going back to 2008 or 2004. steve forbes says no tax hikes for anybody while howard dean argues everybody needs to pay a little more in taxes and not just the upper income. both sides of that coming up here. >> and also just ahead, the ceo of a tech company says he may be forced to cut jobs because of washington's fiscal follies. he's going to be here. he's going to explain how bad it will be, not just for him, but for other companies as well. >> and then later a retail boom on main street and wall street. with just two weeks to go until christmas, we'll tell you
into the new year. today's "closing bell" exchange, gary webbush here with us and steve sax from pro shares advisors and steven gil garcetg and our own jeff cox. no encouraging words out of washington, here we go again, from either the fed or congress. >> right, and frankly that's very expected. there's going to be a -- some grandstanding about your political philosophies right up until the end, but the way i view this is we will not and cannot go over the fiscal cliff. >> you think the can will be kicked down the road. >> well, i think washington learned its lessons from the credit crisis. they are not going to have this go over the cliff, and i think it's going to be a recipe of a small part of cutting spending. a small part of raising taxes and a healthy doze of kicking the gan down the road. >> you would be so sure that these guys cannot do it when in fact here we are 18 days away. steve sax from your standpoint in, terms of etfs and in terms of indexing out there, how do you want to invest given all of these uncertainties as we approach year end? >> i'm in the camp i certainly hope we
statement to parliament today. will be out in westminster soon. steve is out to give us more detailed analysis of what to expect. let's just go back to the eurozone. as you say, thin advances here. are we capping -- it's up against the yen as well. there's obviously been a big yen story. >> yeah, i think the euro/yen has had perhaps more to do with eu euro/dollar than anything else. the euro crosses in general have been story rather than euro/dollar and euro/yen at the forefront. i think the euro/yen forecast is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the newspapers, you feel like what else can he say? it's not going to be a day where you'll buy sterling aggressively because most of the news is going to be bad. we're going to have lower growth. potentially
in stocks. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> the opening bell on a tuesday morning. have a look at the s&p at the top of your screen. over at the nasdaq, northwest biotherapeutics on immunotherapy products. lots to watch today. i think we're getting comments slowly out of speaker boehner, which we'll get to in a moment. >> look, a little bit. still some activity before the official end of all activity whatsoever as we head into the christmas holiday. so arbitron up sharply. some people thought they were one company, but they are not. neilsen is a company that has large private equity owners at this time as well making that about $1.2 billion transaction. >> neilsen sha
forever. joining us now, steve liesman and an economist from ftm financial. steve, is it really as bad as all of that? we're talking about some very anemic numbers. >> the question is, what part is bad? i really disagree with this report in the sense that i don't see how he can possibly know what the growth rate is going to be in 2050. i don't think he knows what the growth rate is going to be next year let alone in 2050. the second thing wrong with this prediction is growth rates are something that are within control of a society or nation. with the policies -- now, i think he's right we're aiming right now for a growth rate that may be unattainable. long-term, a society cannot exactly choose but can adjust this level of growth. third, some of the things that he's most concerned about, for example, global competition, are some of the things that make me optimistic about the future, not pessimistic. >> but lindsay, part of his reasoning is we're adding too much debt to the equation. debt servicing takes up more of our growth at this point. too many band-aids solving problems that need
. and our steve leesman is one of the lucky few who gets a question and he joins us now from washington. this is really something that not a lot of people expected, steve. >> i think that's right, tyler. and it is absolutely historic. fed for the first time putting economic targets around its funds rate projections and first of all, the other news was that it did end -- it said it would end to replace that so that brings the monthly purchases of long-term assets to $85 billion. i want to show you some math. the current level of the math call it 2.8 trillion. add a trillion to that, you will be at 3.8 trillion if we do go at this pace for a full year here. the precrisis level is $800 billion. i want it put it another way, tyler. increase the balance sheet from '09 to '12 by a trillion dollars. we will do that in one year. aggressive policy from the fed. unaggressive as tyler mentioned the idea of using economic targets for funds rate. we know they were talking about it. we know there was support. we didn't think the federal reserve had unanimity enough to do this. only jeff lacker from r
conversation with our steve liesman. in corporate news, the apple coming off its worst day ofs losses this almost four years. u.s. equity futures, though, not too bad so far today. indicated up about 15 points. today is thursday, december 6th, penultimate day before the day of infamy. "squawk box" begins right now. >> welcome to "squawk box." i'm becky quick along with joe kernen. andrew ross sorkin is on vacation this week. onset with us is drew mattis. welcome. thanks for getting up early. >> i'm always up at this time. >> we'll be going through secretary geithner's comments, but first let's get you up to speed on other stories. joe was talking about apple. it has been a rough ten weeks for the most valuable u.s. company. shares tumbling more than 6% yesterday shedding $35 billion of market value. among the reasons cited by analysts, a forecast by an influential research firm suggesting that the iphone and ipad maker is continuing to give up ground it rival the android gadgets. there were also unconfirmed reports that at least one major stock clearing house was raising margin
. >> steve galio was there. >> yeah. it was a pretty interesting day. but i think his comments moved some people, too. >> did we broadcast ray dalion? >> i don't know if we broadcast him live. we should grab some clips and play them on squawk. >> dino, did you have something? >> i think you're on track in terms of the economy. the economy is weak. >> should i be wishing things just bottomed on their own so that we could start policing -- >> i mean, you know, what will be great would be a surge in productivity. you know, a surge of demands externally. >> i can't get here any earlier. we're here at 3:30 in the morning. >> you know, can this economy be more productive? >> go to bed at 8:00. >> can that happen? can we get a surge of external demand? and those things are unlikely or can't be predicted. >> andrew got in earlier today than ever. >> i did. i was coming from the concert last night. no, i wasn't. let's check out the situation in crude today. 86. we're used to that now, too. it's like, okay, 86 is fine. the ten-year, and this, when we used to go and see greenspan down in washington,
steve israel, congressman from new york. plus, we'll also be talking more about what's at stake in washington and how the fiscal cliff is likely to effect investment decisions. we have value investor leon cooperman, he's going to join us on set starting at 7:00 eastern time. then at 8:00 eastern, we have black op co-founder and ceo ralph schlosstein. and lynn hutchins will join us. we'll talk about what they see playing out and what they think is working when it comes to the markets now. >> the bill that the president says is in the house that he will sign if -- that's in the senate -- >> the senate. >> the senate that he will sign if the house passes it is what? >> that is $. >> -- that is 250? >> 250? >> he said 400. he said, i have the pen, let's keep tax rates where they are for everyone at 250 and below. so this one, that's c these guys are pretty clever because that would keep rates where they are for everyone at a million and below. no middle-class taxpayers up to a million dollars -- >> that's no matter what, isn't it, in either bill? >>yon r -- i think it would be the s
about the outlook for economy and housing. steve liesman sat down with jeffrey this morning to get his take on the state of the economy and where it might be headed in 2013. joined by steve with fascinating highlight from that. >> thank you, sue. subdued inflation of 1.8%. was he important part lacquer's estimate it would take get to 6.5% o unemployment. you remember, lacquer desentd -- excuse me, what was that? dehe is noted from the meeting. explained this descent. >> it should be clear that this committee is straining. to provide as much stimulus as possible without endangering our price stability. my worry and the reason i descented on this and asset purchases, is that we seem to be test the very limits of that credibility. >> he would prefer -- he upported the dropping of the calendar date but wanted unemployment and labor market to e described in much mor terms rather than quantitative terms. he also suggested that the to be not e needs just for the short term but long-term. charlotte the launchon commerce where we are here, he said cannot assumer spending on the 6% year on ye
'll do more work and come back. let's go to steve in new york please steve >> caller: greetings jim from the beautiful finger lakes of central new york. >> i love the finger lakes. what's going on? >> caller: two-part question for liberty brands. it looks like the revenue numbers are finally catching up with the same store sale numbers as evidenced this past month. the stock has been in a trading range 45 to 49 for several months. today it closed at 52.15. is this the breakout we've been waiting for? >> i'm going to say yes. no one had a good month in november except for amazon and euro play and limited. if you have have a good month of november when a lot of businesses were shut down because of sandy, who knows what could happen during the closer we get holiday season period like right now. limiteds for me for you. what the heck was up with office max? i thought it would be left for dead but it's coming back to life. the company has some things going for it. if you're looking to get in, you'll see some senator or congressman say -- >> coming up send cramer an e-mail to mad money.com. or
'm becky quick along with joe kernen and steve liesman. the november jobs report is now just about 150 minutes away. count do countdown is on. the economy probably added about 80,000 jobs last month. reuters consensus is a little higher at 93,000. the unemployment rate expected to hold steady at 7.9% and economists say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei
to tim cook about continuing the legacy of steve jobs. plus chinese insurer picc put some spark back into the dismal, the big potential in the insurance. plenty more to come. having you ship my gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. >>> we continue to monitor reaction to the earthquake and tsunami wave in japan right now. miyagi northern prefecture region. and we got a clarification from one of the plants. tokyo whether he can power saying workers instead of evacuating completely, the plant saying they have now reached a position inside the plant, they didn't evacuate. so they just made sure the workers have gone into a safe position. we'll keep monitoring events and any reports we get out. meanwhile, with germany's dax closing near five year highs, is it time for a rerating of european equities? highest close since january 2008. up 28% for the year, giles. and here we are with the bundesban
is just amazing. steve liesman's exclusive with lacquer. one more look at futures this morning. we'll cover what 10% on squawk earlier today. and a lot more when "squawk on the street" comes right back. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... who helped make slea difference last yearose for thousands of california foster kids. thank you for helping foster kids. thank you for the school supplies. thank you for the new shoes. thank you, secret santa. and thank you for donating money. your generosity proves that while not everyone can be a foster parent, anyone can help a foster child. - thank you. - thank you. gracia
. >> steve sedgwick has the latest and joins us now. hi, steve. >> i like that shuffle, steve. that was good. >> reporter: i've got a treat for you. guys, kelly, ross, i've got a treat. the nigerian oil minister has asked me kindly to join -- you are absolutely freezing. thank you very much for joining us. i know you've got a very important meeting coming up. how do you feel about world oil supplies at the moment? >> well, i think right now we're holding fairly stable. we're of course concerned that there will be a certain level of overproduction over the next 18 months or so if the production continues. >> reporter: saudi arabia need to take oil off the table cd iraq? >> i think those are issues we'll discuss today. >> reporter: what is the most contentious issue? we have been saying the most contentious issue could surround saudi arabia and iran. some estimates of over one million barrels a day. >> again, i would not preempt this meeting and outcome by giving statistics at this point. i think it's critical that we go in and have discussions amongst ourselves and come to the sort of prudent
. speaking of which, i'm glad you brought that up. our steve liesman interviewed the treasury secretary a couple of days ago and had a question for him. i wonder if you would listen to this piece of tape and get a reaction on the other side. >> i want to understand the administration's position when it comes to raising taxes on the wealthy. those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. it's only 2%. >> dr. krueger, as the man who is maybe more than anyone the steward of the economy itself, are you okay with that? >> absolutely. the president made clear during the election that he wants a balanced approach, that we can't afford the tax cuts for the most fortunate among us. that the way to provide opportunity and build the middle class in this country is to get on a fiscally sustainable path and to ask wealthiest to pay a little bit more. president couldn't have bee
're going to hear tomorrow, in the next hour, when steve liesman will join us with results of our fed survey. >>> an oh beck minister, important events. opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading oil exporters are expected to argue about who should be opec's next secretary general and we have candidates from iran, iraq and saudi ara a arabia. they're all competing to replace the current leader, as you can see there. abdallah salem el badri, he's 72 years old and he's been there for years. i don't know where i've been for five years, but did you know -- >> i apologize in advance. i didn't. >> you could have said you did and we've been best friends, in fact. >> he's complete
:00 eastern, aman whose name is synonymous with the flat tax. steve forbes will be our taxmaker of the hour. it's a new day. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where a
. carter worth, fundamental, steve cortez, always nice to see you. carter, check it out. tell me about the charts and the technicals. what do the charts tell you, gm versus ford. >> the first chart is a comparative chart, just that, gm versus ford. very clear optically, 75% correlation. the truth is, we like them both. they're both bottoming out, if you will. they're both heretofore weak stocks improving. each has acted very well while the market was selling off in the september-october period. gm, well-defined downtrend. the stock moves above the down trend, breaks above that, if you will, and the pattern is the same for ford. same downtrend over the past year and a half. same move above the downtrend. again, each moving up in september and october. when the market was getting clobbered. very important. >> carter -- >> you like the technicals. steve, jump in. what about the fundamentals. >> i actually shorted gm this morning. both have had a great few weeks, couple of months but it's important to bring perspective. if you look at a long-term chart of ford, you see this stock is tradin
. steve liesman up next with surprising new results from the exclusive cnbc survey. >>> and then as the lawsuits fly over hewlett-packard's autonomy mess, i'll talk with the ceo of deloitte and their role in looking over the books. ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. t
ross and on the fundamental side it's steve cortes with veracruz. rich, look at the charts. which of these do you prefer, or do you prefer them right now. >> well, bill, the case of the biggest loser here, but overwhelmingly i prefer groupon. stock became public a year ago in facebook style. lost 90% of its value in just 12 months. had a nice bounce here. we've taken out the downtrend from the february high and taken out 509-day moving average. you see that key resistance, that key level at 550. i think we're going to take that out. we have a v-shaped reversal. a lot of momentum. we see projected upside to the 200 day, 8.40, 8.50, a very nice upside. we'd be a big buyer of groupon. j.c. penney, stay away from j.c. penney. the stock has been disappointing investors for over five years. down 87% from the 2007 high around $90. gotten a little bit of a bounce. you want to fade that bounce. don't trade that bounce. >> okay. >> you can sell your shares to steve because you want to buy them, right? >> i'm on the exact other side of this. bill, would i say trying to choose between these t
. but the question looming large over this case all along has been what it means for steve cohen. the government has reportedly been trying to make a case for years. martoma is the sixth s.a.c. employee to be implicated. and yet the idea of another form he sac trader's indictment can hardly be good news for cohen, the fact that the government didn't win martoma's cooperation in building a case against cohen surely must be a relief. martoma's lawyer has said consistently that his client is nnt innocent of the charges and defense attorneys expect martoma to plead not guilty at his next court appearance. nonetheless, he could choose to flip at any time, maria, and the government, of course, is still working other angings. sac for its part is not commenting today. >> kate, let me ask you about this because so many on wall street are looking at this story closely because they want to see if steve cohen, the founder of the firm, will be taken down. they've been circling this wagon for a long time, kate, and they continue doing that. tell us how they haven't been able to -- they haven't tape him down yet.
and fundamental side with steve cortes. good to see you both. one has been a stellar performer and the other not so much. what do you like right now? >> bill, you just summed it up. the news came out over the weekend and the market is telling you what you should believe in. netflix is up 1% and amazon down 3.5%. look at the chart in amazon, you can see it's been showing us this over the last four months. amazon put a high in at 261. about eight days ago tried to take out that high and couldn't do it. it put in a double top. that's a sign of a -- you know, of a failure. you have a stock like amazon who basically -- the stock failed at 261 and now we have a 20-day moving average which it broke through and 209-day moving average, the last time it broke through the 20-day moving average it fell 13%. now we look over at netflix, that's a totally different story, right you? said it was a dog. it bottomed out at $54 and broke above its 20-day moving average and stayed above its 20-day moving average for the last four weeks. if it stays above its $20 moving average we're going to long this. our pric
capital, rick santelli, steve guilfoyle on the floor of the exchange with us as well. let's see. let's start with you, mr. grinch. you sell on any strengths, even now, even if we get a deal? >> well, fundamental analysis is thrown out the window. this obviously is a headline-driven market. any time you're hearing about something that's going to take place, any hint at any type of negotiation, any type of a deal, the markets tend to respond. right now i think the markets are calling their bluff right now. we're not expecting a lot out of what's taking place in washington at this moment. here's a thing, guys. even if there is a deal, it's going to be tough. you'll have a knee jerk reaction. markets should be rallying, might be a great opportunity to sell into strength, because when you look behind the curtain of any deal that's going to happen, it's going to be remarkably bad for the economy. >> austerity on the way. >> absolutely. >> whatever we're looking at. >> talking about spending. the whole conversation has been about tax hikes. i mean, you can't -- you're talking about how many
. >> steve weiss. >> i'm going to give you two, okay. halcon. stocks doing very, very well. joe and i talked about this. i bought some yesterday, added to it this morning for a trade. i think joe bought it also. >> wow. thank you. that disit for us. don't forget to join more fast at 5:00. join me on cnbc. "power lunch" starts now. >> the second half of the trading day starts now. >> fiscal cliff negotiations picking up speed as house speaker boehner unveils his back-up plan. the white house says no thanks. we are going to look at the fiscal cliffrences between the two. private equity firm selling after last week's shooting in connecticut. should investors, rather than the government, take the lead in attempting to influence gun policy? >>> herb greenberg will be out with his list of the worst ceos of the year. in this hour he will reveal number three. my partner sue herera on the floor of the new york stock exchange. hi, sue. >> hi, ty. it's a strong day with a triple digit advance. we have 13 days until america goes off the fiscal cliff. events moving faster in washington. house speaking bo
unanswered questions about the fed's latest move. steve leisman, you are not just going to give us questions, you're going to give us answers. >> i wish i could. if i had another crack at the chairman, here are the ones i would ask. what happens on the way down the 6.5% unemployment. these are things, by the way, i have been back and forth with steve stanley. more people would work, right. but what happens to fed policy? does it remain the same? when do i get nervous? think about what your investors were saying? when should i sell bonds and buy equities? will there be a fed policy? admitted he bernanke did say that 6.5 -- >> isn't he going to stop buying treasuries and mortgage dash back security -- >> hold that thought. >> okay. >> what happens between 6.5 unemployment and 5.5, which is the natural rate. or where the fed thinks the long run unemployment rate. is when do you do that? and finally, the thing that i would come back with t.to, whate gauges for qe. there are two policies, tyler, and two rules. qe policy is not the -- >> is bond buying. >> it is different from the rate policy, whi
a deal. steve liesman with results of our cnbc fed survey. what are they saying? >> sue, i'm afraid it's not good news. our survey, they think the probability of recession is going up. most of that is because of fiscal cliff. can you see here the current probability, 28.5% we'll have a recession in the next 12 months. we had a low in march of almost 20%. that compares with a high. remember the debt ceiling debate of 36%. that chance going up. i want to show you in detail what dan greenhouse wrote in with his response in the survey. if the cliff is triggered and the cuts/tax increases remain in place for several weeks or worse, several months, it's hard to construct a scenario where the u.s. economy is not in recession. this is what's interesting here. recovering from that recession is not as simple as fixing the cliff's issues. the u.s. economy is not a light switch. you don't turn it back on. so the question, will we go over the cliff? on the first, looks like no, we won't go over. we'll avoid it. 41% say, yes, we'll go over, 46% say we won't. look at this, 13% don't know. we talk abo
the fiscal cliff. that headline is looming ten days away. steve handlesman is wrapping up the latest developments from capitol hill. >> reporter: the vote on boehner's plan b was canceled abruptly. a big embarrassment for the speaker, who had hoped to force democrats to follow his lead. >> in the senate, democrats and white house refuse to act, they'll be responsible for the largest tax hike in american history. >> but boehner's tax plan to raise tacks on those who make over $1 million didn't follow. boehner pulled republicans into a meeting, tried to get the votes he needed, but failed. >> it's unbelievable. this is horrible. i'm angry. i'm sad for my friend, the speaker, and i'm sad for the country. >> reporter: plan b looks dead. democrats gloated at boehner's failure. >> it was a bad plan, but he couldn't even sell his bad plan to members of his own caucus. >> reporter: earlier this week, boehner and obama looks just a few billion dollars away from getting a deal done. >> they are so close. what is the speaker waiting for. >> republican ves to regroup and lawmakers will go home f
? >> steve, thanks for that. that's interesting stuff there. >> nothing like getting your blood pressure up. liesman testing you live on tv. >> what do you think? wrong, wrong. brought back bad memories, huh, carl? 2013 housing market outlook this morning, according to the report there will be an increase in new residential construction activity, and also recovery in home repair and remodel spending next year. robert, some of the stats are staggering. it's not just an increase in starts, you're looking for 950,000 starts. that would be a 22% increase. what's the primary driver of this? is there really that much demand out there for 950,000 new starts? >> we're looking for three things. tighter inventory levels, stable pricing environment, and low interest rates. so collectively, we think these three factors would definitely drive demand verystantially next year. it's been a terrific year for the home builders. we think we're still in the third inning, not the seventh inning. both for fundamentals and the stocks. >> is there a part of the market we'll see the most building? is it the lower e
ahead? steve liesman has that for us. >> this could be the fiscal cliff game at home report. now that there is a plan in motion, can you see some of the things that are in play here. the revenue side of the fiscal cliff $520 billion, spending side, $130 billion. some piece of that is going to go away if indeed they do end up capping the increases of those at $400,000, 450 and above. we don't know how much. perhaps the vast bulk of it could go away. no discussion on wlornt automatic spending cuts for this year would be affected at all. there's the total 650. impact of the total fiscal cliff this year and by way of contrast or comparison, here is the gdp effect. we gained in nominal terms and that's why going over the cliff means negative growth, it means a recession. here is some of the detail of what we ever talking about here. 620 billion. that's the total revenue. depends on which numbers you use. moving on, per capitia effect, it affects different people differently. 26.2 million is the number of americans that will see an increase in taxes subject to amt that alternate taxati
deduction. that'll have a bigger impact on the cities and how we do business, i think. >> all right. steve, no dolphins -- i thought dolphins -- how many games did you lose? >> well, we've lost seven games. >> you won a few good games. >> at the end of the day, you're in the business to win. you don't like being under 5-7 isn't exactly -- >> have you talked to woody? >> woody is one guy who will make me feel better. >> new york is a lousy place if you're not winning. >> to stink. >> any place is a lousy place if you're not winning. >> exactly, in january i'd rather be losing in miami than in new york. >> that's because you don't own the team. >> thank you very much. >> thank you. pleasure being here. >>> when we come back. we have a lot still to come. steny hoyer on the fiscal cliff talks. then at 8:15 eastern, we have the adp numbers. mark zandi is here to talk through the market reaction. >>> 8:40 eastern, jeffrey solomon will be stopping by. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobo
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